SpaceX IPO Set for Explosive Debut as Valuation Tops $2.2 Trillion

SpaceX is poised for one of the most historic stock market debuts ever, with shares expected to open nearly 30% above their initial public offering (IPO) price. According to preliminary Nasdaq data, SpaceX stock (NASDAQ: SPCX) could begin trading around $175 per share, giving Elon Musk’s aerospace company a market valuation of approximately $2.29 trillion.

The company priced its IPO at $135 per share, selling 555.56 million shares and raising roughly $75 billion. The offering valued SpaceX at $1.77 trillion before trading began, making it one of the largest public listings in history. Investors are closely monitoring the stock’s opening performance as buy and sell orders continue to shape the indicated price.

The SpaceX IPO has already surpassed many of the world’s largest corporations in market value, including JPMorgan Chase, Berkshire Hathaway, Meta Platforms, Eli Lilly, and Tesla. Despite reporting a net loss in 2025, investor enthusiasm remains strong due to the company’s dominant position in the commercial space industry and the rapid growth of its Starlink satellite internet business.

Founded in 2002, SpaceX has become the leading provider of orbital launches, accounting for more than 80% of global launch mass over the last three years. Its Starlink network serves customers in 164 countries and territories and currently generates the majority of the company’s revenue.

Demand for the IPO has been extraordinary. Bloomberg reported retail investor orders exceeding $100 billion, while institutional investors also showed strong interest. BlackRock alone reportedly submitted a $5 billion order.

Analysts remain divided on SpaceX’s valuation. Bullish investors highlight the company’s vertically integrated business model, Starlink’s market leadership, and its merger with xAI, which could position SpaceX as a major player in artificial intelligence infrastructure. Oppenheimer initiated coverage with an “Outperform” rating and a $190 price target, while New Street Research set a $165 target.

However, critics argue the stock is significantly overvalued. Morningstar estimates fair value at $63 per share, while valuation expert Aswath Damodaran places the company’s worth well below the IPO valuation. Skeptics also point to SpaceX’s 2025 net loss of $4.94 billion and its lofty valuation of roughly 90 times sales.

Governance concerns have added to the debate, as Elon Musk controls an estimated 80% to 85% of voting power, limiting shareholder influence. Investors are also watching whether major index providers will eventually include SpaceX in benchmark indices, a move that could drive additional institutional demand.

As SpaceX begins trading, the company’s market debut is expected to become a defining moment for both the IPO market and the broader space industry, testing investor appetite for high-growth, founder-led companies with ambitious long-term visions.